Hold the sizzle on buyout of Wendy’s

Billionaire fast food tycoon Nelson Peltz is not interested in partnering on a buyout of the Wendy’s/Arby’s chain or in selling his shares, a banker familiar with the situation told The Post.

“He doesn’t want to do anything,” the banker said. “I get the impression nothing will happen.”

Peltz and his funds own a leading 23 percent of the fast food chains’ shares. Last week they reported they were considering an “oral inquiry from a third party expressing interest in a potential acquisition.” Peltz decided he needed to tell his board about the inquiry, the source said, and that is all that has happened.

Still, the company’s shares, reflecting the strong language in the filing that stoked the buyout speculation, rose 7 percent Friday to $4.65.

A rationale for partnering with a third party and buying out the remaining shareholders is Wendy’s 6,500 restaurants are doing fairly well — while its 3,700 Arby’s are struggling. The Arby’s brand must be restructured. Doing that as a public company and taking losses would lower the stock price.

But Peltz, by bringing the chain private, could do it outside the public glare, another source said.

Then, he could take Wendy’s back public in a few years with a leaner Arby’s, or perhaps without it, attracting a better trading multiple. A few months ago Peltz took serious interest in making a rival bid for CKE, the owner of Hardee’s and Carl’s Jr.